Magellan Health (MGLN) Hits New 52-Week Low at $51.88

Magellan Health Inc (NASDAQ:MGLN) shares hit a new 52-week low on Thursday . The stock traded as low as $51.88 and last traded at $54.70, with a volume of 27106 shares traded. The stock had previously closed at $55.15.

Several research analysts have weighed in on MGLN shares. BidaskClub lowered shares of Magellan Health from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 31st. Zacks Investment Research lowered shares of Magellan Health from a “hold” rating to a “sell” rating in a research note on Saturday, October 13th. Raymond James lowered their target price on shares of Magellan Health from $85.00 to $72.00 and set a “buy” rating for the company in a research note on Monday, November 12th. Leerink Swann lowered shares of Magellan Health from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $90.00 to $70.00 in a research note on Tuesday, November 13th. Finally, TheStreet lowered shares of Magellan Health from a “b-” rating to a “c+” rating in a research note on Friday, November 9th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $83.33.

The company has a current ratio of 1.72, a quick ratio of 1.67 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 10.09, a PEG ratio of 1.53 and a beta of 0.47.

Magellan Health (NASDAQ:MGLN) last posted its quarterly earnings data on Wednesday, November 7th. The company reported $1.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.17 by $0.28. Magellan Health had a net margin of 1.49% and a return on equity of 10.93%. The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.85 billion. During the same quarter last year, the firm posted $1.64 earnings per share. The business’s revenue for the quarter was up 30.6% compared to the same quarter last year. On average, analysts predict that Magellan Health Inc will post 3.61 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Itau Unibanco Holding S.A. purchased a new position in shares of Magellan Health in the second quarter valued at approximately $131,000. Verition Fund Management LLC purchased a new position in shares of Magellan Health in the second quarter valued at approximately $248,000. Jane Street Group LLC purchased a new position in shares of Magellan Health in the third quarter valued at approximately $220,000. Cubist Systematic Strategies LLC boosted its stake in shares of Magellan Health by 60.4% in the second quarter. Cubist Systematic Strategies LLC now owns 3,180 shares of the company’s stock valued at $305,000 after purchasing an additional 1,197 shares during the period. Finally, Jefferies Group LLC purchased a new position in shares of Magellan Health in the third quarter valued at approximately $243,000. 98.77% of the stock is owned by institutional investors and hedge funds.

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Magellan Health Company Profile (NASDAQ:MGLN)

Magellan Health, Inc provides healthcare management services in the United States. It operates in Healthcare and Pharmacy Management segments. The Healthcare segment offers carve-out management services for behavioral health; employee assistance plans (EAP); and other areas of specialty healthcare, including diagnostic imaging, musculoskeletal management, cardiac, and physical medicine for health plans, care organizations, and employers.

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